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FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of interest swap contracts | Our interest rate swap contracts as of December 31, 2023, none of which are designated as hedging instruments are summarized as follows;
(in thousands of $) |  | Notional principal |  | Weighted Average Maturity Date |  | Weighted Average Fixed Interest Rate |  | Interest Rate Benchmark
Receiving floating, pay fixed (1) |  | 841,000 |  |  | November 2027 |  | 2.45 | % |  | SOFR
Receiving floating, pay fixed |  | 160,000 |  |  | April 2025 |  | 0.96 | % |  | SOFR + CAS(2)
Receiving fixed, pay floating (1) (3) |  | (281,000) |  |  | October 2027 |  | 4.43 | % |  | SOFR
Total |  | 720,000 |  |  |  |  |  |  |
(1) This includes two reverse interest rate swap agreements with a forward start date of March 2026 that are on average receiving a net weighted average 2.50% fixed interest on a notional principal of $100.0 million and maturity date of March 2032. (2) The reference rate for these interest rate swap agreements are based on SOFR plus a Credit Adjustment Spread ("CAS") of 0.26161% based on the LIBOR fallback protocol. (3) Interest rate swap agreements, which involve the receiving of fixed interest and paying of a floating benchmark rate of interest, have been entered into by the Company as reverse swaps of existing interest rate swap agreements. This has the effect of unwinding the positive fair value position of existing swap agreements.
Derivative instruments, gain (loss) | The Company's gain on derivatives for the year ended December 31, 2023, 2022 and 2021 was comprised of the following:
(in thousands of $) |  | 2023 |  | 2022 |  | 2021
Change in fair value of derivative instruments |  | (6,686) |  |  | 78,207 |  |  | 24,423 |
Realized gain/(loss) on derivative instruments |  | 24,967 |  |  | 1,475 |  |  | (6,024) |
Gain on derivatives |  | 18,281 |  |  | 79,682 |  |  | 18,399 |
Schedule of derivative instruments | Movements in the year ended December 31, 2023 and 2022 for the derivative instrument assets and liabilities is summarized as follows:
(in thousands of $) |  | Derivative Instrument Asset |  | Derivative Instrument Liability |  | Total
At December 31, 2021 |  | 5,862 |  |  | (4,764) |  |  | 1,098 |
Change in fair value of derivative instruments |  | 73,443 |  |  | 4,764 |  |  | 78,207 |
Termination of derivative instruments |  | (23,790) |  |  | — |  |  | (23,790) |
At December 31, 2022 |  | 55,515 |  |  | — |  |  | 55,515 |
Change in fair value of derivative instruments |  | (6,686) |  |  | — |  |  | (6,686) |
At December 31, 2023 |  | 48,829 |  |  | — |  |  | 48,829 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
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